1. business and industrial
2. company
3. annual report

No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.
This prospectus supplement, together with the accompanying short form base shelf prospectus dated May 17, 2013 to which it relates,
as amended or supplemented, and each of the documents incorporated by reference in this prospectus supplement and the accompanying
short form base shelf prospectus, as amended or supplemented, constitutes a public offering of these securities only in those jurisdictions
where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.
The securities to be issued hereunder have not been, and will not be, registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and accordingly may not be offered, sold
or delivered, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act (the “ United
States”)), except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable U.S.
state securities laws. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities to be issued hereunder within the United States.
Information has been incorporated by reference in this prospectus supplement and the accompanying short form base shelf prospectus to
which it relates from documents filed with securities commissions or similar authorities in Canada. Copies of the documents
incorporated herein by reference may be obtained on request without charge from the office of the Corporate Secretary of Brookfield
Renewable Energy Partners L.P. at 73 Front Street, 5 th Floor, Hamilton HM 12, Bermuda, (+1-441-295-1443), and are also available
electronically at www.sedar.com.
PROSPECTUS SUPPLEMENT
(To the Short Form Base Shelf Prospectus dated May 17, 2013)
New Issue
March 3, 2015
BROOKFIELD RENEWABLE ENERGY PARTNERS ULC
Cdn$400 Million
Medium Term Notes (unsecured)
Fully and unconditionally guaranteed by Brookfield Renewable Energy Partners L.P., Brookfield Renewable
Energy L.P., Brookfield BRP Holdings (Canada) Inc., BRP Bermuda Holdings I Limited, Brookfield BRP
Europe Holdings (Bermuda) Limited and Brookfield Renewable Investments Limited
Brookfield Renewable Energy Partners ULC (“Finco”) may offer from time to time up to Cdn$400 million
aggregate principal amount in lawful money of Canada, or the equivalent thereof in one or more non-Canadian
currencies, of its medium term notes (the “Notes”). Each Note will mature on a day not less than one year from
the date of issue (the “Stated Maturity Date”), as specified in the applicable pricing supplement (each, a “Pricing
Supplement”) hereto. Each Note may be subject to redemption at the option of Finco, in whole or in part, prior to
its Stated Maturity Date, as specified in the applicable Pricing Supplement. The Notes will be unsecured obligations
of Finco and will rank equally with all of Finco’s other unsecured and unsubordinated debt. The Notes will be
fully and unconditionally guaranteed by Brookfield Renewable Energy Partners L.P. (the “ Partnership”),
Brookfield Renewable Energy L.P. (“BRELP”), Brookfield BRP Holdings (Canada) Inc. (“NA Holdco”), BRP
Bermuda Holdings I Limited (“LATAM Holdco”), Brookfield BRP Europe Holdings (Bermuda) Limited (“Euro
Holdco”) and Brookfield Renewable Investments Limited (“InvestCo” and, together with the Partnership, BRELP,
NA Holdco, LATAM Holdco and Euro Holdco, the “Guarantors”) as to the payment of principal, premium (if
any) and interest when and as such amounts will become due and payable. The Notes will be issued as a separate
series of debt securities under the amended and restated indenture, dated as of November 23, 2011, among Finco,
as issuer, and BNY Trust Company of Canada (the “Trustee”) and The Bank of New York Mellon, each as trustee,
as supplemented and amended from time to time and as supplemented by a ninth supplemental indenture entered
into between Finco and the Trustee (collectively, the “Indenture”).
Finco’s registered office is located at Suite 4600, 525 8th Avenue S.W., Calgary, Alberta, T2P 1G1 and its
head office is located at 181 Bay Street, Suite 300, Toronto, Ontario, M5J 2T3.
The offering of the Notes hereunder (the “Offering”) will be made pursuant to the medium term note
program of Finco (the “Note Program”), as contemplated by a National Instrument of the Canadian Securities
Administrators. Such instrument permits the omission from this prospectus supplement (“Prospectus Supplement”)
of certain terms of the Notes, which will be established at the time of the offering and sale of the Notes and will be
included in one or more Pricing Supplements to be incorporated by reference herein, as more particularly described
under the heading “Documents Incorporated by Reference”. Accordingly, the specific terms of the Notes to be
offered and sold hereunder pursuant to the Note Program, including the terms of the Notes which are within the
options and parameters referred to above, will be set out in one or more Pricing Supplements delivered to purchasers
in conjunction with the sale of the Notes. Specific variable terms that are not within the options and parameters set
forth herein may be set out in a Pricing Supplement. Where Notes are offered and sold in currencies other than
Canadian dollars, the Canadian dollar equivalent of the offering price and the rate of exchange at the last feasible
date will be included in the applicable Pricing Supplement.
RATES ON APPLICATION
The Notes will be offered severally by one or more of CIBC World Markets Inc. (“CIBC”), Scotia Capital
Inc. (“Scotia”), RBC Dominion Securities Inc. (“RBC”), TD Securities Inc. (“TD”), BMO Nesbitt Burns Inc.
(“BMO”), HSBC Securities (Canada) Inc. (“HSBC”) and National Bank Financial Inc. (“NBF”) and other
investment dealers that may be appointed by Finco from time to time (collectively, the “Agents”). Under an Agency
Agreement dated March 3, 2015 (the “Agency Agreement”) among, Finco, the Guarantors and the Agents, the
Notes may be purchased or offered at various times by any of the Agents, as agent or principal, at prices and
commissions to be agreed upon, for sale to the public at prices to be negotiated with purchasers. Sale prices may
vary during the distribution period and between purchasers. Finco may also offer the Notes to purchasers directly at
prices and on terms to be negotiated. The applicable Pricing Supplement relating to each offering of Notes will
identify each Agent with respect to that offering and will set forth the terms of such offering, including, to the extent
applicable, the proceeds to Finco, the agency discounts or commissions, and any other discounts or concessions to
be allowed or reallowed to the Agents. See “Plan of Distribution”.
Each of CIBC, Scotia, RBC, TD, BMO, HSBC and NBF is, or is an affiliate of, a financial institution
which is a lender to one or more of the Guarantors. A portion of the net proceeds of the Offering may be used to
reduce the amount outstanding under these credit facilities. As a result, each of the Partnership and Finco may be
considered to be a “connected issuer” of CIBC, Scotia, RBC, TD, BMO, HSBC and NBF under Canadian
securities legislation. See “Plan of Distribution”.
In connection with any offering of Notes, the Agents may, with the consent of Finco prior to any Offering,
when acting as agent or purchasing as principal, over-allot or effect transactions which stabilize or maintain the
market price of the Notes at levels other than those that might otherwise prevail on the open market. Such
transactions, if commenced, may be discontinued at any time.
The Notes are being offered on a continuous basis by Finco through the Agents. Unless otherwise specified
in the applicable Pricing Supplement relating to a series of Notes, the Notes will not be listed on any securities or
stock exchange. If the Notes are not listed on any securities or stock exchange, there will be no market
through which the Notes may be sold and purchasers may not be able to resell Notes purchased hereunder.
This may affect the pricing of the Notes in the secondary market, the transparency and availability of trading
prices, the liquidity of the Notes and the extent of issuer regulation. See “Risk Factors”. Finco reserves the
right to cancel or modify the offer made hereby without notice. Finco or any Agent, if it solicits the offer on an
agency basis, may reject any offer to purchase Notes in whole or in part. In connection with any underwritten
offering of Notes, the Agents may offer the Notes at a price lower than stated in the applicable Pricing
Supplement. See “Plan of Distribution”.
The Notes will bear interest at fixed or floating rates as specified in the applicable Pricing Supplement.
Notes will be issued in minimum denominations of Cdn$1,000.00 unless otherwise specified in the applicable
Pricing Supplement. Interest on each Note will accrue from, and including, its date of issue and will be payable as
specified in the applicable Pricing Supplement. The interest rate, or the formula for the determination of any such
interest rate, applicable to each Note and the other variable terms thereof will be set forth in the applicable Pricing
Supplement. Interest rates, interest rate formulae and such other variable terms are subject to change by Finco, but
no change will affect any Note already issued or as to which an offer to purchase has been accepted by Finco.
Each Note will be issued in fully registered book-entry form (a “Book Entry Note”). Each Book Entry
Note will be represented by one or more fully registered global certificates (the “Global Notes”) deposited with, or
on behalf of, CDS Clearing and Depository Services Inc. (“CDS”) (or such other depository as is identified in the
applicable Pricing Supplement) and registered in the name of CDS or its nominee. Interests in the Global Notes will
be shown on, and transfers thereof will be effected only through, records maintained by CDS (with respect to its
participants) and CDS’s participants (the “CDS Participants”) (with respect to beneficial owners).
TABLE OF CONTENTS
PROSPECTUS SUPPLEMENT
IMPORTANT NOTICE ABOUT
INFORMATION IN THIS PROSPECTUS
SUPPLEMENT
AND THE ACCOMPANYING SHORT
FORM BASE SHELF PROSPECTUS ......... S-2
USE OF PROCEEDS .......................................... S-9
DESCRIPTION OF THE NOTES ...................... S-9
PLAN OF DISTRIBUTION ............................. S-14
ELIGIBILITY FOR INVESTMENT................ S-15
SPECIAL NOTE REGARDING FORWARDLOOKING INFORMATION ........................ S-3
PRIOR SALES ................................................... S-16
DOCUMENTS INCORPORATED BY
REFERENCE ................................................. S-5
LEGAL MATTERS ........................................... S-16
FINCO .................................................................. S-6
PURCHASERS’ STATUTORY RIGHTS OF
WITHDRAWAL AND RESCISSION ....... S-16
AGENT FOR SERVICE OF PROCESS .......... S-16
RECENT DEVELOPMENTS............................. S-6
CERTIFICATE OF THE GUARANTORS .......C-1
CONSOLIDATED CAPITALIZATION ........... S-6
AGENTS’ CERTIFICATE .................................C-2
RISK FACTORS.................................................. S-7
CREDIT RATINGS ............................................. S-8
S-1
You should only rely on the information contained or incorporated by reference in this Prospectus
Supplement and the accompanying short form base shelf prospectus, as they may be amended or
supplemented. Neither Finco nor the Agents have authorized any other person to provide you with different
information. If anyone provides you with different or inconsistent information, you should not rely on it.
Neither Finco nor the Agents are making an offer to sell these securities in any jurisdiction where the offer or
sale is not permitted. You should assume that the information contained in this Prospectus Supplement, the
accompanying short form base shelf prospectus and the documents incorporated by reference is accurate
only as of the date on the front of such documents. Our business, operating results, financial condition and
prospects may have changed since those dates.
IMPORTANT NOTICE ABOUT INFORMATION IN THIS PROSPECTUS SUPPLEMENT
AND THE ACCOMPANYING SHORT FORM BASE SHELF PROSPECTUS
This document is in two parts. The first is this Prospectus Supplement, which describes certain terms of the
Notes and adds to and updates information contained in the accompanying short form base shelf prospectus
and the documents incorporated by reference. The second part, the accompanying short form base shelf
prospectus dated May 17, 2013 provides more general information, some of which may not apply to the
Notes. The accompanying short form base shelf prospectus is referred to as the “ Prospectus” in this
Prospectus Supplement.
All references in this Prospectus Supplement to “Canada” mean Canada, its provinces, its territories,
its possessions and all areas subject to its jurisdiction.
Unless the context requires otherwise, when used in this Prospectus Supplement, the terms “we”, “us” and
“our” refer to Brookfield Renewable. In this Prospectus Supplement, unless otherwise specified or the context
otherwise requires, references to “US$” are to United States dollars and references to “Cdn$” and “$” are to
Canadian dollars.
If the description of the Notes varies between this Prospectus Supplement and the accompanying
Prospectus, you should rely on the information in this Prospectus Supplement.
“Amended and Restated Limited Partnership Agreement of BRELP” means the amended and restated
limited partnership agreement of Brookfield Renewable Energy L.P., dated November 20, 2011.
“Brookfield Renewable”, when used in this Prospectus Supplement, means the Partnership, BRELP, the
Holding Entities and the Operating Entities taken together.
“Holding Entities” means LATAM Holdco, NA Holdco, Euro Holdco, InvestCo and any direct whollyowned subsidiary of BRELP created or acquired after the date of the Amended and Restated Limited Partnership
Agreement of BRELP.
“LP Units” means the non-voting limited partnership units in the capital of the Partnership.
“Managing General Partner” means Brookfield Renewable Partners Limited, which serves as the
Partnership’s general partner.
“Master Services Agreement” means the second amended and restated master services agreement made as
of February 26, 2015 among the Service Recipients, the Service Provider and certain other affiliates of Brookfield
who are party thereto.
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“Operating Entities” means the entities which, from time to time, directly or indirectly hold Brookfield
Renewable’s operations and hold assets or operations that Brookfield Renewable may acquire in the future which
are not held by the Service Recipients, including any assets or operations held through joint ventures, partnerships
and consortium arrangements.
“Service Provider” means BRP Energy Group L.P., Brookfield Global Renewable Energy Advisor
Limited, Brookfield Renewable Energy Group (Bermuda) Limited and Brookfield Asset Management Private
Institutional Capital Adviser (Canada), L.P., and, unless the context otherwise requires, includes any other affiliate
of such entities that provides services to Brookfield Renewable pursuant to the Master Services Agreement or any
other service agreement or arrangement.
“Service Recipients” means the Partnership, BRELP, the Holding Entities and any other entity, at the
option of the Holding Entities and the Operating Entities.
“Tax Act” means the Income Tax Act (Canada).
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This Prospectus Supplement, the Prospectus and the documents incorporated by reference in this
Prospectus Supplement and in the Prospectus contain certain “forward-looking statements” and “forward looking
information” within the meaning of applicable Canadian securities laws. Forward-looking statements may include
estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements
of fact. Forward-looking statements in this Prospectus Supplement and the documents incorporated by reference
herein include statements regarding the quality of the Partnership’s assets and the resiliency of the cash flow they
will generate, the Partnership’s anticipated financial performance, future commissioning of assets, contracted
portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions, future energy
prices and demand for electricity, economic recovery, achieving long-term average generation, project development
and capital expenditure costs, diversification of shareholder base, energy policies, economic growth, growth
potential of the renewable asset class, the future growth prospects and distribution profile of the Partnership and the
Partnership’s access to capital. Forward-looking statements can be identified by the use of words such as “plans”,
“expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”,
“attempts”, “likely”, “primarily”, “approximately”, “endeavours”, “pursues”, “strives”, “seeks” or variations of such
words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will”
be taken, occur or be achieved. Although we believe that our anticipated future results, performance or achievements
expressed or implied by the forward-looking statements and information in this Prospectus Supplement and the
documents incorporated by reference herein are based upon reasonable assumptions and expectations, we cannot
assure you that such expectations will prove to have been correct. You should not place undue reliance on forwardlooking statements and information as such statements and information involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance or achievements to differ materially
from anticipated future results, performance or achievement expressed or implied by such forward-looking
statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forwardlooking statements include, but are not limited to the following:

we are not subject to the same disclosure requirements as a U.S. domestic issuer;

the separation of economic interest from control;

the incurrence of debt at multiple levels within our organizational structure;

being deemed an “investment company” under the U.S. Investment Company Act of 1940;

the effectiveness of our internal controls over financial reporting;

changes to hydrology at our hydroelectric stations or to wind conditions at our wind energy facilities;
S-3

counterparties to our contracts not fulfilling their obligations, and as our contracts expire, not being
able to replace them with agreements on similar terms;

increases in water rental costs (or similar fees) or changes to the regulation of water supply;

volatility in supply and demand in the energy market;

the increasing amount of uncontracted generation in our portfolio;

general industry risks relating to operating in the North American, Latin American and European
power sectors;

our operations are highly regulated and exposed to increased regulation which could result in
additional costs;

our concessions and licenses not being renewed;

increases in the cost of operating our plants;

our failure to comply with conditions in, or our inability to maintain, governmental permits;

equipment failure;

dam failures and the costs of repairing such failures;

force majeure events;

uninsurable losses;

adverse changes in currency exchange rates;

availability and access to interconnection facilities and transmission systems;

health, safety, security and environmental risks;

disputes, governmental and regulatory investigations and litigation;

our operations being affected by local communities;

fraud, bribery, corruption, other illegal acts, inadequate or failed internal processes or systems, or from
external events;

our reliance on computerized business systems;

advances in technology that impair or eliminate the competitive advantage of our projects;

newly developed technologies in which we invest not performing as anticipated;

labour disruptions and economically unfavourable collective bargaining agreements;

our inability to finance our operations due to the status of the capital markets;

operating and financial restrictions imposed on us by our loan, debt and security agreements;

changes in our credit ratings;

changes to government regulations that provide incentives for renewable energy;

our inability to identify sufficient investment opportunities and complete transactions;

the growth of our portfolio and our inability to realize the expected benefits of our transactions;

our inability to develop existing sites or find new sites suitable for the development of greenfield
projects;

delays, cost overruns and other problems associated with the construction and development of our
generating facilities;

arrangements we enter into with communities and joint venture partners;
S-4

Brookfield Asset Management Inc.’s (“BAM”) election not to source acquisition opportunities for us
and our lack of access to all renewable power acquisitions that BAM identifies;

our lack of control over our operations conducted through joint ventures, partnerships and consortium
arrangements;

our ability to issue equity or debt for future acquisitions and developments is dependent on capital
markets;

foreign laws or regulation to which we become subject as a result of future acquisitions in new
markets;

the departure of some or all of BAM’s key professionals;

risks related to changes in how BAM elects to hold its ownership interests in the Partnership;

the completion and expected benefits of announced transactions; and

other factors described in this Prospectus Supplement, including those set forth under “Risk Factors”.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. The
forward-looking statements represent our views as of the date of this Prospectus Supplement and the documents
incorporated by reference herein and should not be relied upon as representing our views as of any date subsequent
to such dates. While we anticipate that subsequent events and developments may cause our views to change, we
disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For
further information on these known and unknown risks, please see “Risk Factors” in this Prospectus Supplement and
“Risk Factors — Risks Relating to our Business” and “Risk Factors — Risks Relating to the Debt Securities” in the
Prospectus.
The risk factors included in this Prospectus Supplement and in the documents incorporated by reference
could cause our actual results and our plans and strategies to vary from our forward-looking statements and
information. In light of these risks, uncertainties and assumptions, the events described by our forward-looking
statements and information might not occur. We qualify any and all of our forward-looking statements and
information by these risk factors. Please keep this cautionary note in mind as you read this Prospectus Supplement
and the documents incorporated by reference.
DOCUMENTS INCORPORATED BY REFERENCE
This Prospectus Supplement is deemed to be incorporated by reference into the accompanying Prospectus
solely for the purpose of the Notes issued hereunder. Other documents are also incorporated, or are deemed to be
incorporated, by reference into the Prospectus and reference should be made to the Prospectus for full particulars
thereof.
A Pricing Supplement containing the specific variable terms for an issue of Notes will be delivered to
purchasers of such Notes together with the Prospectus and this Prospectus Supplement and will be deemed to be
incorporated by reference into the Prospectus and this Prospectus Supplement as of the date of the Pricing
Supplement, solely for the purpose of the Notes issued thereunder.
The following documents of the Partnership, which have been filed with the securities regulatory
authorities in Canada, are specifically incorporated by reference in this Prospectus Supplement:
(a)
the Partnership’s annual report on Form 20-F for the fiscal year ended December 31, 2014 dated
February 27, 2015 (the “Annual Report”) (filed in Canada with the Canadian securities
regulatory authorities in lieu of an annual information form), which includes the Partnership’s
audited consolidated financial statements as at December 31, 2014 and 2013, and for the years
ended December 31, 2014, 2013 and 2012 and related notes, together with the independent
registered chartered accountants’ report thereon;
S-5
(b)
the management’s discussion and analysis of the Partnership for the years ended December 31,
2014, 2013 and 2012; and
(c)
the Partnership’s statement of executive compensation for the year ended December 31, 2013 on
pages 129 to 141 of the Partnership’s annual report on Form 20-F for the fiscal year ended
December 31, 2013 dated March 17, 2014.
Any documents of the Partnership of the type described in Section 11.1 of Form 44-101F1 — Short Form
Prospectus filed by the Partnership and any “template version” of “marketing materials” (each as defined in
National Instrument 41-101 — General Prospectus Requirements) that Finco files with the Canadian securities
regulatory authorities on or after the date of this Prospectus Supplement and prior to the termination of an applicable
offering shall be deemed to be incorporated by reference into this Prospectus Supplement.
Pursuant to a decision dated February 26, 2014 issued by the Québec Autorité des marchés financiers, the
Partnership has obtained relief from the requirement to translate into the French language certain exhibits to the
Annual Report, which are incorporated by reference into this Prospectus Supplement.
Any statement contained in this Prospectus Supplement, the Prospectus or in any document
incorporated or deemed to be incorporated by reference in this Prospectus Supplement or the Prospectus
shall be deemed to be modified or superseded, for the purposes of this Prospectus Supplement, to the extent
that a statement contained in this Prospectus Supplement, or in the Prospectus or in any other subsequently
filed document that also is or is deemed to be incorporated by reference herein or therein, modifies or
supersedes such statement. The modifying or superseding statement need not state that it has modified or
superseded a prior statement or include any other information set forth in the document that it modifies or
supersedes. The making of a modifying or superseding statement will not be deemed an admission for any
purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue
statement of a material fact or an omission to state a material fact that is required to be stated or that is
necessary to make a statement not misleading in light of the circumstances in which it was made. Any
statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a
part of this Prospectus Supplement.
FINCO
Finco, which changed its legal name from BRP Finance ULC on July 4, 2012, was established on
September 14, 2011 under the Business Corporations Act (Alberta). Finco is the issuer of approximately C$1.5
billion of unsecured corporate bonds, which bonds are fully and unconditionally guaranteed by the Guarantors (the
“Finco Bonds”). Other than the Finco Bonds and notes receivable from an affiliate, Finco has no significant assets
or liabilities, no subsidiaries and no ongoing business operations of its own. Finco’s registered office is located at
Suite 4600, 525 8th Avenue S.W., Calgary, Alberta, T2P 1G1 and its head office is located at 181 Bay Street, Suite
300, Toronto, Ontario, M5J 2T3.
RECENT DEVELOPMENTS
There have been no material developments in our business since the date of the Annual Report which have
not been disclosed in the Prospectus or the documents incorporated by reference therein, or elsewhere in this
Prospectus Supplement or in the documents incorporated by reference herein.
CONSOLIDATED CAPITALIZATION
There have been no material changes in the consolidated capitalization of the Partnership since December
31, 2014 which have not been disclosed in the Prospectus or in the documents incorporated by reference therein or
elsewhere in this Prospectus Supplement or in the documents incorporated by reference herein.
S-6
RISK FACTORS
An investment in the Notes involves a high degree of risk. Before deciding to invest in the Notes,
investors should carefully consider the risks set forth below, the risk factors described under the headings “Risk
Factors — Risks Relating to our Business” and “Risk Factors — Risks Relating to the Debt Securities” in the
Prospectus and under the heading “Risk Factors” on pages 19 to 46 of the Annual Report, and in other documents
incorporated by reference in this Prospectus Supplement, as updated by the Partnership’s subsequent filings with
the securities regulatory authorities in Canada, which are incorporated in this Prospectus Supplement by reference.
Any of these risks could materially and adversely affect the Partnership’s business, properties, operations, results,
financial condition, prospects or assets, which could in turn materially adversely affect the value of the Notes.
Additional risks and uncertainties not currently known to the Partnership, or that are currently considered
immaterial, may also materially and adversely affect the business, properties, operations, results, financial
condition, prospects or assets of the Partnership. For more information, see “Documents Incorporated By
Reference”.
A reduction in BAM’s limited partnership interests in the Partnership alone would not result in a Change of
Control under the terms of the Notes
As required by law, the limited partnership agreement of the Partnership provides for the management and
control of the Partnership by the Managing General Partner, rather than by a board of directors and officers.
Holders of LP Units are not entitled to elect the directors of the Managing General Partner. Instead, the board of
directors of the Managing General Partner is appointed by its sole shareholder, Brookfield Renewable Power Inc.,
a wholly-owned subsidiary of BAM. Pursuant to the terms of the Notes, Finco is obligated to make a Change of
Control Offer (as defined below) to holders of Notes upon the occurrence of both a Change of Control and a Below
Investment Grade Rating Event (each as defined below). A Change of Control will occur if BAM owns (directly or
indirectly) less than 50.1% of the Voting Stock (as defined in the Indenture) of the Managing General Partner.
Accordingly, provided that BAM continues to own at least 50.1% of the Voting Stock of the Managing General
Partner, a future reduction in BAM’s direct or indirect limited partnership interests in the Partnership below 50.1%
(on a fully-exchanged basis) would not trigger a Change of Control. As a result, if a sale of BAM’s limited
partnership interests in the Partnership results in a Below Investment Grade Rating Event, so long as BAM
continues to hold (on a fully-exchanged basis) at least 50.1% of the Voting Stock of the Managing General Partner,
Finco would not have an obligation to make a Change of Control Offer to holders of Notes.
Incurrence of Additional Indebtedness
Finco and the Guarantors may incur additional indebtedness that may adversely affect their
ability to meet their financial obligations under or in respect of the Notes. Although some of the agreements
governing their existing indebtedness contain restrictions on Finco’s and the Guarantors’ ability to incur additional
indebtedness, these restrictions are subject to a number of important qualifications and exceptions and the
indebtedness they incur in compliance with these restrictions could be substantial.
Finco and the Guarantors’ obligations under or in respect of the Notes rank equally with all of their
other unsecured and unsubordinated indebtedness. Finco and the Guarantors may incur additional
indebtedness in the future, which could have important consequences to holders of the Notes, including the
following:

they could have insufficient cash to meet their financial obligations, including their obligations under
or in respect of the Notes;

their ability to obtain additional financing for working capital, capital expenditures or general
corporate purposes may be impaired; and

a significant degree of debt could make them more vulnerable to changes in general corporate and
industry conditions.
S-7
Credit Ratings
The credit ratings accorded to the Notes by each Rating Agency (as defined below) are not
recommendations to purchase, hold or sell the Notes inasmuch as such ratings do not comment as to market price or
suitability for a particular investor. There is no assurance that any rating will remain in effect for any given period of
time or that any rating will not be revised or withdrawn entirely by a Rating Agency in the future if, in its judgment,
circumstances so warrant, and if any such rating is so revised or withdrawn, Finco is under no obligation to update
this Prospectus Supplement. The reduction or downgrade of any rating of the Notes may negatively affect the quoted
market price, if any, of the Notes.
Risks Associated with Floating Rate Notes
The Notes will bear interest at fixed or floating rates as specified in the applicable Pricing Supplement.
Investments in floating rate Notes entail risks not associated with investments in fixed rate Notes. The resetting of
the applicable interest rate on a floating rate Note may result in lower interest compared to a fixed rate Note issued
at the same time. The applicable interest rate on a floating rate Note will fluctuate in accordance with fluctuations in
the instrument or obligation on which the applicable interest rate is based, which in turn may fluctuate and be
affected by a number of interrelated factors, including economic, financial and political events over which Finco has
no control.
Redemption of Notes
If the Notes are redeemable at Finco’s option, as may be provided in the applicable Pricing Supplement,
Finco may choose to redeem the Notes from time to time, especially when prevailing interest rates are lower than
the interest rate borne by the Notes. If prevailing interest rates are lower at the time of redemption, a purchaser may
not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate that is greater
than or equal to the interest rate on the Notes being redeemed. Finco’s redemption right may also adversely impact a
purchaser’s ability to sell Notes as the optional redemption date or period approaches.
Refinancing Risks
Given the current credit and economic conditions, Finco may be exposed to additional risks such as interest
rates and refinancing risk, capital market risk and industry risk. Details associated with these risks can be found in
the Annual Report, management’s discussion and analysis and the other information incorporated by reference in
this Prospectus Supplement.
Market for the Notes and Trading Prices of the Notes
There is currently no trading market for the Notes and purchasers may not be able to resell Notes purchased
under a Pricing Supplement. No assurance can be given that an active or liquid trading market for the Notes will
develop or be sustained. If an active or liquid market for the Notes fails to develop or be sustained, the liquidity and
prices at which the Notes trade may be adversely affected. Whether or not the Notes will trade at lower prices
depends on many factors, including liquidity of the Notes, prevailing interest rates and the markets for similar
securities, general economic conditions and our financial condition and future prospects.
CREDIT RATINGS
The Notes are rated “BBB” by Standard & Poor’s (“S&P”) and “BBB (high)” with a stable trend by
DBRS Limited (“DBRS” and, together with S&P, each a “Rating Agency”). Credit ratings are intended to
provide investors with an independent measure of credit quality of any issue of securities and are indicators of the
likelihood of the payment capacity and willingness of a debtor to meet its financial commitment on an obligation in
accordance with the terms of the obligation.
S&P’s credit ratings are on a long-term debt rating scale that ranges from “AAA” to “D”, which represents
the range from highest to lowest quality of such securities rated. According to the S&P rating system, debt securities
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rated “BBB” exhibit adequate capacity to meet financial commitments, but are more subject to adverse economic
conditions. The ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to
show relative standing within the major rating categories.
DBRS’ credit ratings are on a long-term debt rating scale that ranges from “AAA” to “D”, which represents
the range from highest to lowest quality of such securities rated. According to the DBRS rating system, debt
securities rated “BBB” are of adequate credit quality. The capacity for the payment of financial obligations is
considered acceptable but may be vulnerable to future events. The assignment of a “(high)” or “(low)” modifier
within each rating category indicates relative standing within such category. The absence of either a “(high)” or
“(low)” designation indicates the rating is in the middle of the category. The “(high)” and “(low)” modifiers are not
used for the “AAA” or “D” category.
DBRS’ rating trends provide guidance in respect of DBRS’ opinion regarding the outlook for the rating in
question, with rating trends falling into one of three categories: “Positive”, “Stable” or “Negative”. The rating trend
indicates the direction in which DBRS considers the rating is headed should present tendencies continue, or in some
cases, unless challenges are addressed. In general, DBRS’ view is based primarily on an evaluation of the issuing
entity or guarantor itself, but may also include consideration of the outlook for the industry or industries in which
the issuing entity operates. A “Positive” or “Negative” trend assigned by DBRS is not an indication that a rating
change is imminent, but represents an indication that there is a greater likelihood that the rating could change in the
future than would be the case if a “Stable” trend was assigned.
Credit ratings are intended to provide investors with an independent assessment of the credit quality of an
issue or issuer of securities and do not speak to the suitability of particular securities for any particular investor. The
credit ratings assigned to the Notes may not reflect the potential impact of all risks on the value of the Notes. A
rating is therefore not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal
at any time by the rating agency. Prospective investors should consult the relevant rating organization with respect
to the interpretation and implications of the ratings.
Brookfield Renewable has paid (and will pay for purposes of this Prospectus Supplement and any related
Pricing Supplement) customary rating fees to S&P and DBRS in connection with the above-mentioned ratings and
has paid customary rating fees to S&P and DBRS in connection with other ratings in respect of Brookfield
Renewable and/or other applicable securities of Brookfield Renewable. Other than in the ordinary course of
customary rating fees as aforesaid, Brookfield Renewable has not made any payments to S&P and DBRS in respect
of any other service provided to Brookfield Renewable by S&P or DBRS.
USE OF PROCEEDS
The Notes will be issued from time to time at the discretion of Finco with an aggregate offering amount not
to exceed $400 million. The net proceeds derived from the issue of Notes under this Prospectus Supplement will be
the aggregate offering amount thereof less any commission and other issuance costs paid in connection therewith.
The net proceeds cannot be estimated as the amount thereof will depend on the extent to which Notes are issued
under this Prospectus Supplement. Unless otherwise specified in the applicable Pricing Supplement, the net
proceeds will be used to repay outstanding indebtedness (which may include indebtedness outstanding under credit
facilities provided by lenders that are affiliates of certain of the Agents) and for general corporate purposes of
Brookfield Renewable. All expenses relating to an offering of any Notes, including any compensation to Agents or
underwriters, will be paid out of the proceeds from the sale of Notes and/or out of Finco’s general funds. Finco and
the Guarantors may, from time to time, issue debt instruments and incur additional indebtedness otherwise than
through the issue of Notes under this Prospectus Supplement.
DESCRIPTION OF THE NOTES
The following description of the particular terms and provisions of the Notes supplements and, to the extent
inconsistent therewith, replaces, the description of the Notes set forth in the Prospectus under “Description of the
Debt Securities”, to which reference is hereby made. Other capitalized terms used and not defined in this Prospectus
Supplement have the meanings ascribed to them in the Prospectus or in the Indenture, as the case may be. The
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following description of the Notes will apply to each Note offered hereby unless otherwise specified in the
applicable Pricing Supplement.
A copy of the Indenture is available on SEDAR, which may be accessed electronically at www.sedar.com.
The following statements relating to the Notes and the Indenture are summaries and should be read in conjunction
with the statements under “Description of the Debt Securities” in the Prospectus. Such information does not purport
to be complete and is qualified in its entirety by reference to all of the provisions of the Notes and the Indenture,
including the definition of certain terms therein.
General
All debt securities, including the Notes, issued and to be issued under the Indenture will be direct unsecured
obligations of Finco and will be guaranteed by the Guarantors. The Notes will rank equally and rateably with all
other unsecured and unsubordinated indebtedness of Finco, from time to time issued and outstanding, except as to
sinking fund provisions applicable to different series of debt securities. The Indenture does not limit the aggregate
principal amount of debt securities which may be issued thereunder and debt securities may be issued thereunder
from time to time in one or more series up to the aggregate principal amount from time to time authorized by Finco
for each series. Finco may, from time to time, without the consent of the holders of the Notes, provide for the
issuance of Notes or other debt securities under the Indenture in addition to the up to $400 million aggregate
principal amount of Notes offered hereby and any other debt securities previously issued.
The Notes are currently limited to $400 million aggregate principal amount. The Notes will be offered on a
continuous basis and will mature on any day more than one year from their dates of issue, as specified in the
applicable Pricing Supplement.
Unless otherwise specified in the applicable Pricing Supplement, the principal of and interest on the Notes
will be payable in lawful money of Canada.
Interest rates offered by Finco with respect to the Notes may differ depending upon the aggregate principal
amount of Notes purchased in any transaction, and Finco expects generally to distinguish, with respect to such
offered rates, between purchases which are for less than, and purchases which are equal to or greater than, an agreed
upon amount. Specific variable terms which are not within the options and parameters set forth herein will be set out
in a Pricing Supplement. Interest rates, interest rate formulae and other variable terms of the Notes are subject to
change by Finco from time to time, but no such change will affect any Note already issued or as to which an offer to
purchase has been accepted by Finco.
The Indenture is governed by and construed in accordance with the laws of the Province of Ontario and the
laws of Canada applicable therein.
Specific Variable Terms
The specific variable terms of any offering of a series of Notes (including, where applicable and without
limitation, the aggregate principal amount of Notes being offered, the currency or currency unit, the issue and
delivery date, the maturity date, the issue price, the interest rate (either fixed or floating and, if floating, the manner
or calculation thereof), the interest payment date(s), any extension, exchange, sinking fund, repurchase or
redemption provisions, the name of any Agents, the Agents’ compensation, the method of distribution, and the
proceeds to Finco) will be set forth in one or more Pricing Supplements which will accompany this Prospectus
Supplement. Finco reserves the right to set forth in a Pricing Supplement specific variable terms of any offering of a
series of Notes which are not within the options and parameters set forth in this Prospectus Supplement.
Form and Denomination
The Notes will be issued in fully-registered form only, in denominations of $1,000.00 and integral
multiples thereof, unless otherwise specified in the applicable Pricing Supplement.
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Payment of Principal, Premium and Interest
As long as CDS or its nominee is the registered holder of a Global Note, CDS or its nominee, as the case
may be, will be considered to be the sole owner of such Global Note for the purposes of receiving payments of
interest on, premium, if any, on and principal of such Global Note. Finco expects that CDS or its nominee, upon
receipt of any payment of principal, premium or interest in respect of a Global Note, will credit participants’
accounts, on the date principal, premium, if any, or interest is payable, with payments in amounts proportionate to
their respective interests in the principal amount of such Global Note as shown on the records of CDS or its nominee
at the close of business on the second business day prior to the applicable interest payment date, with respect to the
payment of interest, and at maturity, with respect to the payment of principal or premium, if any. Finco also expects
that payments of principal, premium, if any, and interest by participants to the owners of beneficial interests in such
Global Note held through such participants will be governed by standing instructions and customary practices, and
will be the responsibility of such participants. The responsibility and liability of Finco in respect of Notes
represented by a Global Note is limited to making, or causing to be made, payment of any principal, premium, if
any, and interest due on such Global Note to the registered holder of the Global Note.
Redemption and Repurchase
The Notes will be redeemable at the option of Finco prior to the Stated Maturity Date, unless otherwise
specified in the applicable Pricing Supplement. If redeemable, the Notes will be subject to redemption at the option
of Finco on the applicable redemption date in whole or from time to time in part in increments of $1,000.00 or the
minimum denomination specified in such Pricing Supplement (provided that any remaining principal amount thereof
shall be at least $1,000.00 or such minimum denomination), at the applicable Redemption Price, as defined below,
on notice given not more than 60 days nor less than 30 days prior to the date of redemption and in accordance with
the provisions of the Indenture.
“Applicable Spread” means the number of basis points as specified in the applicable Pricing Supplement.
“Canada Yield Price” means a price equal to the price of the Notes (or the portion thereof to be redeemed)
calculated to provide a yield to maturity, equal to the sum of the Government of Canada Yield calculated at 10:00
a.m. (Toronto time) on the third Business Day preceding the redemption date, plus the Applicable Spread.
“Government of Canada Yield” means, on any date, with respect to any Notes, the yield to maturity on
such date, compounded semi-annually, which an assumed new issue of non-callable Government of Canada bonds
denominated in Canadian dollars would carry if issued in Canada at 100% of its principal amount on such date, with
a term to maturity as nearly as possible equal to the remaining term to maturity of such Notes. The Government of
Canada Yield will be the average (rounded to four decimal points) of the bid-side yields provided by the Investment
Dealers in accordance with the terms of the ninth supplemental indenture to the Indenture.
“Investment Dealers” means two investment dealers selected by Finco who are independent of Finco
and are each members of the Investment Industry Regulatory Organization of Canada (“IIROC”) (or if IIROC
shall cease to exist, such other independent investment dealer as Finco may select, with the approval of the
Trustee, acting reasonably), which Investment Dealers shall be retained by and at the cost of Finco to determine
the Government of Canada Yield. The two investment dealers shall be any two Agents party to the Agency
Agreement.
“Redemption Price” means, with respect to a Note being redeemed either in whole at any time or in
part from time to time, (a) if the redemption date occurs prior to the date that is three months prior to the Stated
Maturity Date, an amount equal to the greater of (i) the Canada Yield Price, and (ii) par, or (b) if the
redemption date occurs on or after the date that is three months prior to the Stated Maturity Date, a price equal
to par, together in each case with the accrued and unpaid interest thereon to, but excluding, the date fixed for
redemption.
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If less than all of the Notes with like tenor and terms are to be redeemed, the Notes to be redeemed shall be
selected by the Trustee on a pro rata basis or by lot or such other method as the Trustee shall deem equitable and
expedient.
Finco may purchase Notes in the open market or by tender or private contract at any price at any time if
there does not exist an Event of Default (as defined in the Indenture) at such time. Notes purchased or redeemed by
Finco will be cancelled and may not be reissued.
Change of Control
If a Change of Control Triggering Event (as defined below) occurs, unless Finco has exercised its right to
redeem any Notes as described above, Finco will be required to make an offer to repurchase all, or any part (equal to
$1,000.00 or an integral multiple thereof), of each holder’s Notes pursuant to the offer described below (the
“Change of Control Offer”) on the terms set forth in the Indenture. In the Change of Control Offer, Finco will be
required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus
accrued and unpaid interest, if any, on the Notes repurchased, to the date of purchase (the “Change of Control
Payment”).
Within 30 days following any Change of Control Triggering Event, Finco will be required to mail a notice
to holders of Notes, with a copy to the Trustee, describing the transaction or transactions that constitute the Change
of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date will
be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control
Payment Date”), pursuant to the procedures required by the Indenture and described in such notice. Finco must
comply with any securities laws and regulations that are applicable in connection with the repurchase of the Notes as
a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or
regulations conflict with the Change of Control provisions of the Indenture, Finco will be required to comply with
the applicable securities laws and regulations and will not be deemed to have breached its obligations under the
Change of Control (as defined below) provisions of the Indenture by virtue of such conflicts.
On the Change of Control Payment Date, Finco will be required, to the extent lawful, to:

accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
Offer;

deposit with the Trustee an amount equal to the Change of Control Payment in respect of all Notes or
portions of Notes properly tendered; and

deliver or cause to be delivered to the Trustee the Notes properly accepted together with an officers’
certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by it.
The Trustee will be required to promptly send by wire transfer or mail to each holder of Notes who
properly tendered Notes, the purchase price for such Notes and the Trustee will be required to promptly authenticate
and mail (or cause to be transferred by book entry) to each such holder a new Note equal in principal amount to any
unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a principal amount of
$1,000.00 or an integral multiple thereof.
Finco will not be required to make a Change of Control Offer upon a Change of Control Triggering Event
if another party makes such an offer in the manner, at the times and otherwise in compliance with the requirements
for an offer that would be required to be made by Finco in connection with a Change of Control Triggering Event,
and such party purchases all Notes properly tendered and not withdrawn under its offer.
For purposes of the foregoing discussion of a repurchase at the option of holders of Notes, the following
definitions are applicable:
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“Below Investment Grade Rating Event” shall be deemed to have occurred on any day within the 60-day
period (which shall be extended during an Extension Period) after the earlier of (1) the occurrence of a Change of
Control or (2) public notice of the occurrence of a Change of Control or the intention by Finco or the Partnership to
effect a Change of Control, if, in either case, the Notes are rated below an Investment Grade Rating by more than
half, and if there are fewer than three Rating Agencies, all of the Rating Agencies that then rate the Notes. For the
purpose of this definition, an “Extension Period” shall occur and continue for so long as the aggregate of (i) the
number of Rating Agencies that have placed the Notes on publicly announced consideration for possible downgrade
during the initial 60-day period and (ii) the number of Rating Agencies that have downgraded the Notes to below an
Investment Grade Rating during either the initial 60-day period or the Extension Period is sufficient to result in a
Change of Control Triggering Event, should one or more of the Rating Agencies that have placed the Notes on
publicly announced consideration for possible downgrade subsequently downgrade the Notes to below an
Investment Grade Rating. The Extension Period shall terminate when two of the Rating Agencies (if there are three
Rating Agencies) or one of the Rating Agencies (if there are fewer than three Rating Agencies) have confirmed that
the Notes are not subject to consideration for a possible downgrade, and have not downgraded the Notes, to below
an Investment Grade Rating.
“Change of Control” means (i) the sale of all or substantially all of Finco or the Partnership’s assets, other
than any such sale to any one or more of Finco, a Guarantor or BAM, and/or any Subsidiary (as defined in the
Indenture) of Finco, a Guarantor or BAM or any of their respective successors, or (ii) BAM or its successors,
together with any Affiliates (as defined in the Indenture), owning (directly or indirectly) less than 50.1% of all
issued and outstanding Voting Stock (as defined in the Indenture) of the general partner of the Partnership.
“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below
Investment Grade Rating Event.
“Investment Grade Rating” means a rating equal to or higher than (i) “BBB-” (or the equivalent) by S&P,
(ii) “BBB(low)” (or the equivalent) by DBRS, and (iii) in respect of any Rating Agency other than S&P or DBRS, if
applicable, a rating by such Rating Agency in one of its generic rating categories that signifies investment grade.
“Rating Agencies” means (1) each of S&P, DBRS and any other nationally recognized statistical rating
organization selected by Finco that then rates the Notes, and (2) if any of the Rating Agencies ceases to rate the
Notes or fails to make a rating of the Notes publicly available for reasons outside Finco’s control, a nationally
recognized statistical rating organization selected by Finco (as certified by a resolution of Finco’s board of directors)
as a replacement agency for such Rating Agency, or some or all of them, as the case may be, and “Rating Agency”
means any one of them.
Modification of the Indenture and Notes
The rights of holders of notes under the Indenture may be modified in certain circumstances. For that
purpose, among others, the Indenture contains provisions making resolutions passed (a) at meetings of holders of
notes by the affirmative votes of holders of 66⅔% of the outstanding notes voting thereat, or (b) by instruments in
writing signed by the holders of 66⅔% of the outstanding notes, binding upon holders of notes subject to the
provisions of the Indenture. If any modification will especially affect the rights of the holders of notes of a particular
series in a manner or to an extent substantially differing from the effect on other series, that modification also will
require separate approval as aforesaid by the holders of notes of such series.
Transfer
Transfers of beneficial ownership in Notes represented by a Global Note must be effected through the
records maintained by CDS or its nominee for such Global Note (with respect to interests of its participants) and the
CDS Participants (with respect to the interests of beneficial owners). Beneficial owners who are not participants in
the depository service of CDS, but who desire to purchase, sell or otherwise transfer ownership of or other interests
in such Global Note, may do so only through participants in the depository service of CDS.
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The ability of a beneficial owner of an interest in a Note represented by a Global Note to pledge the Note or
otherwise take action with respect to such owner’s interest in a Note represented by a Global Note (other than
through a participant) may be limited due to the lack of a physical certificate.
Holders’ Rights
Rights of a holder of a Note represented by a Global Note, including voting rights, must be exercised
through a participant in accordance with the rules and procedures of CDS.
Trustee
BNY Trust Company of Canada, at its principal office in the City of Toronto, Ontario will be the Trustee
for the holders of all Notes issued under the Indenture.
PLAN OF DISTRIBUTION
Under the Agency Agreement, the Notes may be purchased or offered at various times by any of the
Agents, as agent or principal, at prices and commissions to be agreed upon, for sale to the public at prices to be
negotiated with purchasers. Sale prices may vary during the distribution period and between purchasers. Finco may
also offer the Notes to purchasers directly at prices and on terms to be negotiated.
One or more Pricing Supplements will set forth the terms of any offering of a series of Notes, including the
names of any Agents, the issue price, the proceeds to Finco, any agency discounts or commissions and any other
discounts or concessions to be allowed or reallowed to the Agents.
Under the Agency Agreement, Agents who participate in a distribution of Notes may be entitled to
indemnification by Finco and the Guarantors against certain liabilities, including liabilities under appropriate
securities legislation or arising out of any misrepresentation in the Prospectus, the Prospectus Supplement or any
related Pricing Supplement and any documents incorporated by reference therein, or to contribution with respect to
payments which the Agents may be required to make in respect thereof.
Unless otherwise indicated, any Agent or Agents will be acting on a best efforts basis for the period of its
or their appointment. Any Agent participating in the distribution of Notes may be deemed to be an “underwriter”, as
that term is defined in the securities legislation in each of the provinces and territories of Canada, of the Notes so
offered and sold. The Notes also may be sold to other Agents at the applicable price to the public set forth in the
Pricing Supplement relating to a particular offering of a series of Notes who later resell the Notes to purchasers.
Such Agents may be deemed to be “underwriters” within the meaning of the securities legislation in each of the
provinces and territories of Canada. In the event of an underwritten offering, the underwriters propose to offer the
Notes to the public at the price specified in the Pricing Supplement relating to a particular offering of Notes. After
the underwriters have made a reasonable effort to sell all of the Notes at that price, the price to the public may be
decreased and may be further changed from time to time to an amount not greater than that specified in the relevant
Pricing Supplement, and the compensation realized by the underwriters will be effectively decreased by the amount
that the aggregate price paid by the purchasers for the Notes is less than the price paid by the underwriters to Finco
for the Notes.
If underwriters are used in the sale, the Notes will be acquired by the underwriters for their own account
and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public
offering price or at varying prices determined at the time of sale, at market prices prevailing at the time of sale or at
prices related to such prevailing market prices. The obligations of the underwriters to purchase such Notes will be
subject to certain conditions precedent, and the underwriters will be obligated to purchase all the Notes offered by
the Pricing Supplement if any of such Notes are purchased.
Each of CIBC, Scotia, RBC, TD, BMO, HSBC and NBF is, or is an affiliate of, a financial institution (the
“Banks”) which is a lender to Finco, NA Holdco, LATAM Holdco and Euro Holdco (collectively, the
“Borrowers”) pursuant to one or more lending facilities (the “Lending Facilities”). Under the Lending Facilities,
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BRELP and the Partnership have guaranteed the obligations of the Borrowers. As of March 2, 2015, the Borrowers
were indebted to the Banks in an aggregate amount of approximately US$83.7 million. Consequently, each of the
Partnership and Finco may be considered to be a connected issuer of CIBC, Scotia, RBC, TD, BMO, HSBC and
NBF for the purposes of the securities regulations of certain of the provinces and territories of Canada. As of the
date of this Prospectus Supplement, the Borrowers are in compliance with the terms of the Lending Facilities. Since
the indebtedness to the Banks was incurred, the financial positions of the Borrowers have not materially changed.
CIBC, Scotia, RBC, TD, BMO, HSBC and NBF have each advised that the decision to act as an agent in the
offering of the Notes was made independently of the Banks and the Banks had no influence as to the determination
of the terms of the Offering. None of CIBC, Scotia, RBC, TD, BMO, HSBC and NBF will receive any benefit in
connection with this Offering other than its respective portion of the Agents’ fee.
Each series of Notes will be a new issue of securities with no established trading market. Unless otherwise
specified in the applicable Pricing Supplement relating to a series of Notes, the Notes will not be listed on any
securities or stock exchange. If the Notes are not listed on any securities or stock exchange, there will be no market
through which the Notes may be sold and purchasers may not be able to resell Notes purchased hereunder. This may
affect the pricing of the Notes in the secondary market, the transparency and availability of trading prices, the
liquidity of the Notes and the extent of issuer regulation. See “Risk Factors”. Any Agents to or through whom Notes
are sold by Finco for public offering and sale may make a market in the Notes, but such Agents will not be obligated
to do so and may discontinue any market making at any time without notice. No assurance can be given that a
trading market in the Notes of any series will develop or as to the liquidity of any trading market for the Notes.
Pursuant to policy statements of certain Canadian securities regulators, the Agents may not, throughout the
period of distribution, bid for or purchase Notes. The foregoing restriction is subject to certain exceptions, on the
condition that the bid or purchase not be engaged in for the purpose of creating actual or apparent active trading in,
or raising the price of, the Notes. Such exceptions include a bid or purchase permitted under the Universal Market
Integrity Rules administered by IIROC relating to market stabilization and passive market making activities and a
bid or purchase made for and on behalf of a customer where the order was not solicited during the period of
distribution. Pursuant to the first mentioned exception, the Agents may, with the consent of Finco prior to any
Offering, when acting as agent or purchasing as principal, over-allot or effect transactions which stabilize or
maintain the market price of the Notes at levels other than those that might otherwise prevail on the open market.
Such transactions, if commenced, may be discontinued at any time.
The securities to be issued hereunder have not been, and will not be, registered under the U.S. Securities
Act or any U.S. state securities laws and accordingly may not be offered, sold or delivered, directly or indirectly, in
the United States, except in certain transactions exempt from the registration requirements of the U.S. Securities Act
and applicable U.S. state securities laws. This Prospectus Supplement and any applicable Pricing Supplement do not
constitute an offer to sell or a solicitation of an offer to buy any of the securities to be issued hereunder within the
United States.
ELIGIBILITY FOR INVESTMENT
In the opinion of Torys LLP, counsel to Finco, and Goodmans LLP, counsel to the Agents, unless
otherwise specified in the applicable pricing supplement, the Notes, if acquired on the date hereof, would at that
time be qualified investments under the Income Tax Act (Canada) (the “Tax Act”) for a trust governed by a
registered retirement savings plan (“RRSP”), registered retirement income fund (“RRIF”), registered education
savings plan, registered disability savings plan, tax-free savings account (“TFSA”) or deferred profit sharing plan
(other than a deferred profit sharing plan to which contributions are made by Finco or by an employer with which
Finco does not deal at arm’s length for purposes of the Tax Act) if they have an investment grade rating with a
prescribed credit rating agency for purposes of the Tax Act and either (A) they are issued as part of a single issue of
debt of at least $25,000,000 or (B) they are issued on a continuous basis under a debt issuance program and Finco
had issued and outstanding debt under the program of at least $25,000,000.
Notwithstanding the foregoing, a holder of a TFSA or an annuitant of an RRSP or RRIF, as the case may
be, will be subject to a penalty tax if the Notes held in the TFSA, RRSP or RRIF are a “prohibited investment” (as
defined in the Tax Act) for the TFSA, RRSP or RRIF. The Notes generally will not be a “prohibited investment” on
the date hereof if the holder of the TFSA or the annuitant of the RRSP or RRIF, as applicable: (i) deals at arm’s
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length for the purposes of the Tax Act with Finco and (ii) does not have a “significant interest” (as defined in the
Tax Act) in Finco. Investors should consult their own tax advisors in this regard.
PRIOR SALES
No Notes were issued by Finco during the twelve-month period preceding the date of this Prospectus
Supplement.
LEGAL MATTERS
Legal matters in connection with the issuance and sale of the Notes being offered pursuant to this
Prospectus Supplement will be passed upon for Finco by Torys LLP and for the Agents by Goodmans LLP. As at
the date of this Prospectus Supplement, the designated professionals of Torys LLP, as a group, and Goodmans LLP,
as a group, beneficially own, directly or indirectly, less than one percent of the outstanding securities of Finco.
AGENT FOR SERVICE OF PROCESS
John Van Egmond is the only director of Finco that resides outside of Canada (“Non-Resident Director”)
and the Partnership, BRELP, LATAM Holdco, Euro Holdco and InvestCo are Guarantors that are organized in
foreign jurisdictions and do not have an office in Canada (together with the Non-Resident Director, the “NonResidents”). The Non-Residents have appointed the following agent for service of process:
Name of Person or Company
Name and Address of Agent
John Van Egmond
Brookfield Renewable Energy Partners L.P.
Brookfield Renewable Energy L.P.
BRP Bermuda Holdings I Limited
Brookfield BRP Europe Holdings (Bermuda) Limited
Brookfield Renewable Investments Limited
Brookfield BRP Canada Corp.
Suite 4600, 525 8th Avenue S.W.
Calgary, Alberta
T2P 1G1
Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada
against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign
jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process. See
“Service of Process and Enforceability of Civil Liabilities” on page 22 of the Prospectus.
PURCHASERS’ STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION
Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right
to withdraw from an agreement to purchase securities. This right may be exercised within two business days after
receipt or deemed receipt of a prospectus and any amendment. In several of the provinces and territories, the
securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of
the price or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the
purchaser, provided that the remedies for rescission, revisions of the price or damages are exercised by the purchaser
within the time limit prescribed by the securities legislation of the purchaser’s province or territory. The purchaser
should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for the
particulars of these rights or consult with a legal adviser.
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CERTIFICATE OF THE GUARANTORS
Dated: March 3, 2015
The short form prospectus, together with the documents incorporated in the prospectus by reference, as
supplemented by the foregoing, will, as of the date of the last supplement to the prospectus relating to the securities
offered by the prospectus and the supplement(s), constitute full, true and plain disclosure of all material facts
relating to the securities offered by the short form prospectus and this supplement as required by the securities
legislation of all the provinces and territories of Canada.
(SIGNED) Richard Legault
Chief Executive Officer of its
service provider, BRP Energy
Group L.P.
BROOKFIELD BRP EUROPE
HOLDINGS (BERMUDA) LIMITED
(SIGNED) Nicholas Goodman
Chief Financial Officer of its
service provider, BRP Energy
Group L.P.
On behalf of the Board of Directors
(SIGNED) Lou Maroun
Director
(SIGNED) Edward Kress
Director
BROOKFIELD RENEWABLE
INVESTMENTS LIMITED
(SIGNED) Richard Legault
Chief Executive Officer of its
service provider, BRP Energy
Group L.P.
(SIGNED) Nicholas Goodman
Chief Financial Officer of its
service provider, BRP Energy
Group L.P.
On behalf of the Board of Directors
(SIGNED) Lou Maroun
Director
(SIGNED) Edward Kress
Director
C-1
AGENTS’ CERTIFICATE
Dated: March 3, 2015
To the best of our knowledge, information and belief, the short form prospectus, together with the
documents incorporated in the prospectus by reference, as supplemented by the foregoing, will, as of the date of the
last supplement to the prospectus relating to the securities offered by the prospectus and the supplement(s),
constitute full, true and plain disclosure of all material facts relating to the securities offered by the short form
prospectus and this supplement as required by the securities legislation of all the provinces and territories of Canada.
CIBC WORLD MARKETS INC.
SCOTIA CAPITAL INC.
(SIGNED) Sean Gilbert
(SIGNED) Greg Lawrence
RBC DOMINION SECURITIES INC.
TD SECURITIES INC.
(SIGNED) Peter Hawkrigg
(SIGNED) Patrick Scace
BMO NESBITT BURNS INC.
HSBC SECURITIES (CANADA) INC.
NATIONAL BANK FINANCIAL INC.
(SIGNED) Pierre-Olivier Perras
(SIGNED) David Loh
(SIGNED) Maxime Brunet
S-2